Philadelphia Federal Reserve President Patrick Harker indicates that the central bank could be at the end of its current rate-hiking cycle, citing progress in the fight against inflation and confidence in the economy.
Philadelphia Federal Reserve President Patrick Harker on Tuesday indicated that the central bank could be at the end of its current rate-hiking cycle.
"Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work," Harker said in prepared remarks for a speech in Philadelphia.since March 2022, taking the Fed's key interest rate from near-zero to a target range of 5.25%-5.5%, the highest in more than 22 years.
Markets are pricing in more than an 85% probability that the Fed holds steady at its Sept. 19-20 meeting,Harker indicated there are unlikely to be rate cuts anytime soon. The Fed was forced into tightening mode after inflation hit its highest level in more than 40 years. Officials at first dismissed the price increases as "transitory," then were forced into a round of tightening that included four consecutive three-quarter point increases.
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